Income Tax Act(CHAPTER 134)
Table of Contents
Long Title
Part I PRELIMINARY
1 Short title
2 Interpretation
Part II ADMINISTRATION
3 Appointment of Comptroller and other officers
4 Powers of Comptroller
5 Approved pension or provident fund or society
6 Official secrecy
7 Rules
8 Service and signature of notices
9 Free postage
Part III IMPOSITION OF INCOME TAX
10 Charge of income tax
10A Profits of investment company
10B Profits of unit trusts
10C Excess provident fund contributions, etc., deemed to be income
10D Income from finance or operating lease
10E Ascertainment of income of investment holding company
10F (Repealed)
10G (Repealed)
10H Ascertainment of income from business of hiring out motor cars or providing driving instruction
10I Reduction of share capital
10J Shares buyback
10K Shares redemption
10L Withdrawals from Supplementary Retirement Scheme
10M Buyback of preferential shares
10N Securities lending or repurchase arrangement
11 Ascertainment of income of clubs, trade associations, etc.
12 Sources of income Trading operations carried on partly in Singapore
Part IV EXEMPTION FROM INCOME TAX
13 Exempt income
13A Exemption of shipping profits
13B Exemption of certain dividends
13C Exemption of income of non-resident arising from funds managed by fund manager in Singapore
13D Exemption of certain dividends of approved investment company
13E Exemption of dividends from foreign income
13F Exemption of international shipping profits
13G Exemption of income of foreign trust
13H Exemption of income of venture company
13I Exemption of certain dividends of Singapore Exchange Derivatives Trading Limited
13J Exemption of tax on gains or profits from entrepreneurial employee equity-based remuneration scheme
13K Exemption of certain dividends of Singapore Exchange Derivatives Clearing Limited
13L Exemption of tax on gains or profits from company employee equity-based remuneration scheme
13M Exemption of income of charities
13N Exemption of tax on income derived by non-ordinarily resident individual
Part V DEDUCTIONS AGAINST INCOME
14 Deductions allowed
14A Deduction for patenting costs
14B Further deduction for expenses relating to approved trade fairs, exhibitions or trade missions or to maintenance of overseas trade office
14C (Repealed)
14D Expenditure on research and development
14E Further deduction for expenditure on research and development project
14F Management expenses of investment companies
14G (Repealed)
14H Expenditure on building modifications for benefit of disabled employees
14I Provisions by banks and qualifying finance companies for doubtful debts and diminution in value of investments
14J Further deduction for expenditure on research and development of new financial activities
14K Further or double deduction for overseas investment development expenditure
14L Further deduction for expenses incurred in relocation or recruitment of overseas talent
14M Deduction for hotel refurbishment expenditure
14N Deduction of upfront land premium
14O Deduction for special reserve of approved general insurance company
15 Deductions not allowed
Part VI CAPITAL ALLOWANCES
16 Initial and annual allowances for industrial buildings and structures
17 Balancing allowances and charges for industrial buildings and structures
18 Definitions for sections 16 and 17
19 Initial and annual allowances for machinery or plant
19A Allowances of 3 years write off for machinery and plant, and 100% write off for computer, prescribed office automation equipment and robot, etc.
19B Writing-down allowances for intellectual property rights
19C Writing-down allowances for approved cost-sharing agreement for research and development activities
19D Writing-down allowance for IRU
20 Balancing allowances and charges for machinery or plant
21 Replacement of machinery or plant
22 Expenditure on machinery or plant
22A Order of set-off of allowances
23 Carry forward of allowances
24 Special provisions as to certain sales
25 (Repealed)
Part VII ASCERTAINMENT OF CERTAIN INCOME
26 Profits of insurance companies
27 Profits of non-resident shipowner or charterer
28 Profits of non-resident air transport and cable undertakings
29 Income from certain dividends to include tax thereon
30 Certain undistributed profits may be treated as distributed
31 Income arising from settlements
32 Valuation of trading stock on discontinuance or transfer of trade or business
33 Comptroller may disregard certain transactions and dispositions
34 Discretion no bar to appeal
Part VIII ASCERTAINMENT OF STATUTORY INCOME
35 Basis for computing statutory income
35A Cessation of source of income commenced before 1st January 1969
36 Partnership
Part IX ASCERTAINMENT OF ASSESSABLE INCOME
37 Assessable income
37A Restriction on deduction of trading losses against dividends
37B Adjustment of capital allowances, losses or donations between income subject to tax at different rates
37C Group relief for Singapore companies
Part X ASCERTAINMENT OF CHARGEABLE INCOME AND PERSONAL RELIEFS
38 Chargeable income
39 Relief and deduction for resident individual and Hindu joint family
40 Relief for non-resident citizens and certain other non-residents
40A Relief for non-resident public entertainers
40B Relief for non-resident employees
40C Relief for non-resident SRS members
40D Relief for non-resident deriving income from activity as public entertainer and employee, etc.
41 Proof of claims for deduction or relief
Part XI RATES OF TAX
42 Rates of tax upon individuals
42A Rebate for second, third and fourth child of family
43 Rate of tax upon companies and others
43A Concessionary rate of tax for Asian Currency Unit, Fund Manager and securities company
43B Special rate of tax for non-resident shipowner or charterer or air transport undertaking
43C Exemption and concessionary rate of tax for insurance and reinsurance business
43D Concessionary rate of tax for offshore transactions on any market maintained by Singapore Exchange or its subsidiaries
43E Concessionary rate of tax for headquarters company
43F Concessionary rate of tax for oil trading company
43G Concessionary rate of tax for Finance and Treasury Centre
43H Concessionary rate of tax for international commodity trading company
43I Concessionary rate of tax for offshore leasing of machinery and plant
43J Concessionary rate of tax for trustee company
43K Concessionary rate of tax for members of commodity futures exchange
43L Concessionary rate of tax for art and antique dealers
43M (Repealed)
43N Concessionary rate of tax for income derived from debt securities
43O Concessionary rate of tax for cyber trading
43P Concessionary rate of tax for global trading company
43Q Concessionary rate of tax for financial sector incentive company
Part XII DEDUCTION OF TAX AT SOURCE
44 Deduction of tax from dividends of companies
44A Transitional provisions for company subjected to former imputation system
45 Withholding of tax in respect of interest paid to non-resident persons
45A Application of section 45 to royalties, management fees, etc.
45B Application of section 45 to non-resident director’s remuneration
45C Application of section 45 to distribution by unit trust
45D Application of section 45 to gains from real property transaction
45E Application of section 45 to withdrawals by non-citizen SRS members, etc.
45F Application of section 45 to income from profession or vocation carried on by non-resident individual, etc.
Part XIII ALLOWANCES FOR TAX CHARGED
46 Tax deducted from dividends, interests, etc.
47 Special allowance for interest received as trading receipts
Part XIV RELIEF AGAINST DOUBLE TAXATION
48 Relief in respect of Commonwealth income tax
49 Double taxation arrangements
50 Tax credits
50A Unilateral tax credits
Part XV PERSONS CHARGEABLE
Husband and wife
51 Income of wife
Trustees, agents and curators
52 Chargeability of trustees, etc.
53 Chargeability of agent of person residing out of Singapore
54 Liability of person chargeable in respect of incapacitated person
55 Liability of managers of companies or bodies of persons
56 Indemnification of representative
57 Power to appoint agent
58 Deceased persons
59 Company wound up
60 Chargeability of joint trustees
61 Hindu joint families
Part XVI RETURNS
62 Notice of chargeability and returns
63 Furnishing of estimate of chargeable income if no return is made under section 62
64 Comptroller may call for further returns
65 Power to call for returns, books, etc.
65A Statement of bank accounts, assets, etc.
65B Power of Comptroller to obtain information
65C Failure to comply with notices issued by Comptroller
66 Returns to be deemed to be furnished by due authority
67 Keeping of books of account and giving of receipts
68 Official information and secrecy, and returns by employer
69 Lists to be prepared by representative or agent
70 Occupiers to furnish return of rent payable
71 Return to be made by partnership
71A Filing of return by electronic transmission
Part XVII ASSESSMENTS AND OBJECTIONS
72 Comptroller to make assessments
73 Advance assessments
74 Additional assessments
75 Waiver of small assessments
76 Service of notices of assessment and revision of assessment
77 Errors and defects in assessment and notice
Part XVIII APPEALS
78 Board of Review
79 Right of appeal
80 Hearing and disposal of appeals
81 Appeals to High Court
82 Cases stated for High Court
83 Proceedings before Board and High Court
84 Assessments to be final and conclusive
Part XIX COLLECTION, RECOVERY AND REPAYMENT OF TAX
85 Time within which payment is to be made
86 Recovery of tax from persons leaving Singapore
87 Penalty for non-payment of tax and enforcement of payment
88 Change of address
89 Suit for tax by Comptroller
90 Statement of Comptroller sufficient
91 Deduction of tax from emoluments and pensions
92 Remission of tax
93 Repayment of tax
93A Relief in respect of error or mistake
Part XX OFFENCES AND PENALTIES
94 General penalties
95 Penalty for incorrect return
96 Tax evasion
96A Serious fraudulent tax evasion
97 Penalties for offences by authorised and unauthorised persons
98 Penalty for obstructing officers
99 Tax to be payable notwithstanding any proceedings for penalties
100 Provisions relating to penalty
101 Sanction for prosecution
102 Service of summons
103 Saving for criminal proceedings
104 Admissibility of certain statements and documents as evidence
105 Jurisdiction of court
Part XXI MISCELLANEOUS
106 Powers to amend Schedules
107 Central Fund Administrator and institution of a public character approved under section 37
Legislative History
Comparative Table